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Executive Editor: Matthew Spiegel ♦ Editors: Geert Bekaert, Alexander Ljungqvist, Laura Starks, Pietro Veronesi, Michael Weisbach
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News

July 29, 2010:

The RFS is looking to add freelance technical paper copy editors. If you know somebody in the area please contact Matthew Spiegel.

July 21, 2010:

Coming soon a new slimed down RFS! It has taken some time but we have finally managed to whittle down the backlog to about six months. That is where we hope to keep it and the new slimmer issues should do that.

July 6, 2010:

The SFS is currently in the process of moving its back office operations to a permanent setting that will ultimately be independent from any university. As you may know by now, the SFS will soon have three journals under its publication umbrella. With editors coming and going, from potentially the world over, the board felt it was time to find the back office its own permanent home. Like any transition this one will take time and undoubtedly glitches will occur. Please bear with us while we work out all of the bugs. To facilitate the transition the SFS will not be issuing any checks until all of the accounting has been transferred. We expect this to occur sometime in mid to late August. So if the SFS owes you money for a referee report or any other reason please be patient. You should get paid in full by early September. Thank you in advance for your patience.

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Turnaround:
Mean: 56.22 days
Median: 50 days
Total Submissions
(since 07/30/09): 1118
Acceptance Rate: 7.87%

Conference Announcements
6th NY Fed/NYU Stern Conference On Financial Intermediation
November 4-5, 2010
Federal Reserve Bank of New York
New York, NY
SUBMISSION DEADLINE: July 30, 2010

Information, Liquidity and Trust in Incomplete Financial Markets
October 11-13, 2010
Freiburg University
Freiburg Germany
SUBMISSION DEADLINE: June 25, 2010


COLOR Pages!
The RFS publishes pages in color! You can include figures for free in the PDF files posted at Oxford University's web page Advanced Access. If you want some or all of the figures to appear in color in the printed version as well there is a service fee of $600 per figure. This just covers the journal's costs.
Forthcoming in the RFS

Corruption, Political Connections, and Municipal Finance
by Alexander W. Butler, Larry Fauver, and Sandra Mortal

We show that state corruption and political connections have strong effects on municipal bond sales and underwriting. Higher state corruption is associated with greater credit risk and higher bond yields. Corrupt states can eliminate the corruption yield penalty by purchasing credit enhancements. Underwriting fees were significantly higher during an era when underwriters made political contributions to win underwriting business. This pay-to-play underwriting fee premium exists only for negotiated bid bonds where underwriting business can be allocated on the basis of political favoritism. Overall, our results show a strong impact of corruption and political connections on financial market outcomes.

 

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